So what we knew all along... It was possible to do these not-so-processor-intensive tasks on older pixels and other devices after all.
I hate that Google artificially limits these features to new phones. The only reason I've stuck with pixel this long is their call assistant to answer then decline spam calls without having to notifying me.
Additionally, all Google Photos users on Android and iOS will get 10 Magic Editor saves per month. To go beyond this limit, you'll need a Pixel device or a Premium Google One plan (2TB and above).